First-Citizens Bank will purchase Silicon Valley Bank.

First-Citizens Bank has reached a deal to acquire Silicon Valley Bank, about two and a half weeks after the Santa Clara, California-based bank collapsed, the Federal Deposit Insurance Corporation announced early Monday morning.

According to the FDIC, the 17 former Silicon Valley Bank branches will be available as First-Citizens Bank & Trust Company as of Monday, and SVB depositors will all be easily converted to first-city bank deposits. The Raleigh, North Carolina-based bank has taken over all of SVB’s deposits, which are thought to total more than$ 119 billion.

A TIMELINE OF THE BANK’S DEMISE: SVB COLLAPSE

On the professional alternatives it acquired from the former Silicon Valley Bridge Bank, National Association, the FDIC and First Citizens Bank & Trust Company entered into a loss-share payments. According to the FDIC’s press release, the recipient and First-Citizens Bank & Trust Company will show in the possible and likely returns on the loans covered by the loss-share agreement.

Authorities renamed SVB Silicon Valley Bridge Bank after it was shut down by the California Department of Financial Protection and Innovation. According to the FDIC, the goal of founding Silicon Valley Bridge Bank was to give the organization enough time to” regulate the institution and market the company.”

The FDIC estimated that SVB’s failure to its Deposit Insurance Fund ( DIF ) would cost around$ 20 billion, but the precise amount would be known when the organization” terminates the receivership.”

More details are available to customers on the FDIC websites.